Exploring Vero Beach’s Financial Report Refer to the financial statements of the City of Vero Beach in Chapter 3.
1. Per the government-wide statement of activities, how much revenue did the city recognize from property taxes?
2. What amount of property-tax revenue did the city recognize in the funds? Where is this amount reported?
3. Per the statement of activities, how much revenue did the city recognize from state sales taxes?
4. Per the funds statements, how much revenue did the city recognize from state sales taxes? If your answer is different from your answer to question 3, what is the most likely reason for the difference?
5. What amount did the city recognize in the general fund as proceeds of bonds and loans? This amount increased the fund balance. Did it also increase the city’s net assets on the statement of net assets? Explain.
6. What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain.
7. Per the government-wide statement of activities, is the Community and Youth Service self supporting? Explain.